Cranberry School Board members on Monday considered approval of a resolution to increase the district’s non-electoral debt through the issuance and sale of a $10.4 million general obligation bond.
The purpose of the bond issue would be to finance capital improvements to Cranberry High School including HVAC upgrades, interior and exterior LED lighting upgrades, building envelope upgrades, bathroom renovations, front entrance renovations, main gymnasium renovations, auditorium stage lighting and curtains.
Improvements at the elementary school include interior and exterior LED lighting upgrades, building envelope upgrades, HVAC upgrades, central heating plant and domestic water systems renovations.
The board received an audit from Jim Heasley of May and Co. of Oil City for the school year ending June 30. Heasley said the report was prepared early to comply with the requirements of the bond issue.
“It was a good year for the district,” said Heasley.
He noted the federal assistance for the year was down $464,000 from last year.
In a telephone message, a representative of bond counsel Knox, McLaughlin, Gornall and Sennett of Erie said they do not anticipate using the entire $10.4 million.
The bonds will be sold through an invitation to bid. The maximum interest rate for the bonds will be six percent.
The final text of the resolution will be available for review at the school district’s main office.
